Snapchat has recently announced a significant milestone for its subscription service, Snapchat+. The service, which launched over a year ago, now boasts over 5 million subscribers, showing consistent growth from 3 million in mid-April and 4 million in late June.
At $3.99 per month, Snapchat+ offers subscribers a plethora of exclusive features including custom app themes, unique app icons, the capability to pin their No. 1 BFF, and tools to enhance Stories. Subscribers also gain insights into who rewatched their Stories and more. The added features and the consistent addition of new ones, such as early access to Snap’s latest AI products like its My AI chatbot and the generative AI selfie feature, Dreams, have contributed to the rising demand for the product.
Snapchat+ has leveraged multiple channels to boost its subscription, including offering Snapchat+ subscriptions through Verizon’s subscription store, +Play. These strategic initiatives have aided the growth of the product significantly.
While the subscription service is thriving, it represents only a fraction of Snap’s overall revenue, which amounted to $1.07 billion in Q2, predominantly driven by ads. However, Snapchat+ is outperforming its counterparts like X Premium, which, according to independent research by Travis Brown, has sold roughly 1 million subscriptions to date.
Snapchat currently reports daily active users of 397 million, in contrast to X owner Elon Musk’s app, which has 550 million monthly active users. The consistent growth in subscribers to Snapchat+ underscores the app's ability to retain and engage its user base with innovative and exclusive features.
Snapchat+ reaching over 5 million subscribers signifies Snapchat’s success in engaging users and meeting their evolving needs with exclusive and innovative features. The growth trajectory of Snapchat+ suggests a rising demand for premium, value-added services in the social media landscape, potentially paving the way for enhanced user experiences and diversified revenue streams for social media platforms.